Sustainability disclosure and financial analysts' accuracy: the European case
| dc.contributor.author | Ferrer Zubiate, Elena | |
| dc.contributor.author | López Arceiz, Francisco José | |
| dc.contributor.author | Río Solano, María Cristina del | |
| dc.contributor.department | Institute for Advanced Research in Business and Economics - INARBE | en |
| dc.date.accessioned | 2021-04-07T07:20:54Z | |
| dc.date.available | 2021-05-22T23:00:13Z | |
| dc.date.issued | 2020 | |
| dc.description.abstract | This study aims to analyze whether the adoption of Directive 2014/95/EU on sustainability disclosure has contributed to more truthful reporting to financial analysts in terms of risks and firms' performance. Financial analysts, as requesters of sustainability reports, are expected to have produced more accurate forecasts as a result of this legal reform. To investigate this, we have examined analysts' earnings per share (EPS) forecasts for 434 companies, 241 of which are classified as low sustainability companies, from 2008 to 2017. To detect a possible increase in EPS forecast accuracy after the enforcement of the directive, we perform an analysis based on panel regression specifications. The results show that EPS forecast accuracy has increased due to the higher levels of both sustainability disclosure and reporting quality after the enforcement of Directive 2014/95/EU. | en |
| dc.description.sponsorship | The authors are grateful for financial support from the Spanish Ministry of Economy and Competitiveness (ECO2016‐77631‐R/PID2019‐104304GB‐I00). | en |
| dc.embargo.lift | 2021-05-22 | |
| dc.embargo.terms | 2021-05-22 | |
| dc.format.extent | 22 p. | |
| dc.format.mimetype | application/pdf | en |
| dc.identifier.doi | 10.1002/bse.2549 | |
| dc.identifier.issn | 1099-0836 (Electronic) | |
| dc.identifier.uri | https://academica-e.unavarra.es/handle/2454/39491 | |
| dc.language.iso | eng | en |
| dc.publisher | Wiley | en |
| dc.publisher | ERP Environment | en |
| dc.relation.ispartof | Business Strategy and the Environment, 2020, 29(8), 2939-2952 | en |
| dc.relation.projectID | info:eu-repo/grantAgreement/ES/1PE/ECO2016-77631-R/ | |
| dc.relation.publisherversion | https://doi.org/10.1002/bse.2549 | |
| dc.rights | © 2020 ERP Environment and John Wiley & Sons Ltd. | en |
| dc.rights.accessRights | info:eu-repo/semantics/openAccess | |
| dc.subject | Directive | en |
| dc.subject | Disclosure | en |
| dc.subject | Financial analysts | en |
| dc.subject | Sustainability | en |
| dc.title | Sustainability disclosure and financial analysts' accuracy: the European case | en |
| dc.type | info:eu-repo/semantics/article | |
| dc.type.version | info:eu-repo/semantics/acceptedVersion | |
| dspace.entity.type | Publication | |
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| relation.isAuthorOfPublication.latestForDiscovery | a227ec55-cebc-46cf-b073-0b03bb37a39f |